Citigroup Cuts ArcBest (ARCB) Price Target to $36.00

ArcBest (NASDAQ:ARCB) had its price target lowered by Citigroup from $45.00 to $36.00 in a research note published on Thursday morning, Stock Target Advisor reports. The brokerage currently has a neutral rating on the transportation company’s stock.

Other equities analysts have also issued reports about the stock. BidaskClub raised shares of ArcBest from a hold rating to a buy rating in a research report on Friday, January 11th. SunTrust Banks initiated coverage on shares of ArcBest in a research report on Wednesday, December 12th. They set a buy rating and a $47.00 price target on the stock. Zacks Investment Research lowered shares of ArcBest from a buy rating to a hold rating in a research report on Monday, February 4th. Cowen reaffirmed a hold rating and set a $42.00 price target on shares of ArcBest in a research report on Thursday, January 31st. Finally, Wolfe Research raised shares of ArcBest from an underperform rating to a market perform rating in a research report on Monday, April 1st. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the company. ArcBest currently has a consensus rating of Hold and an average price target of $41.89.

Shares of ARCB opened at $33.69 on Thursday. The stock has a market capitalization of $860.39 million, a PE ratio of 8.73, a P/E/G ratio of 3.21 and a beta of 2.11. ArcBest has a fifty-two week low of $30.16 and a fifty-two week high of $51.45. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.44 and a current ratio of 1.44.

ArcBest (NASDAQ:ARCB) last issued its quarterly earnings data on Wednesday, January 30th. The transportation company reported $1.01 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.93 by $0.08. The company had revenue of $774.28 million for the quarter, compared to analyst estimates of $767.78 million. ArcBest had a net margin of 2.17% and a return on equity of 14.95%. The company’s revenue was up 8.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.42 earnings per share. Equities research analysts anticipate that ArcBest will post 3.68 EPS for the current fiscal year.

A number of large investors have recently added to or reduced their stakes in ARCB. Vanguard Group Inc increased its position in ArcBest by 4.4% during the third quarter. Vanguard Group Inc now owns 3,142,794 shares of the transportation company’s stock worth $152,583,000 after acquiring an additional 132,068 shares during the period. Vanguard Group Inc. grew its stake in ArcBest by 4.4% during the third quarter. Vanguard Group Inc. now owns 3,142,794 shares of the transportation company’s stock worth $152,583,000 after buying an additional 132,068 shares in the last quarter. Morgan Stanley grew its stake in ArcBest by 145.8% during the third quarter. Morgan Stanley now owns 202,060 shares of the transportation company’s stock worth $9,810,000 after buying an additional 119,864 shares in the last quarter. American Century Companies Inc. grew its stake in ArcBest by 45.3% during the fourth quarter. American Century Companies Inc. now owns 377,868 shares of the transportation company’s stock worth $12,946,000 after buying an additional 117,847 shares in the last quarter. Finally, Prudential Financial Inc. grew its stake in ArcBest by 75.2% during the fourth quarter. Prudential Financial Inc. now owns 254,387 shares of the transportation company’s stock worth $8,715,000 after buying an additional 109,201 shares in the last quarter. 94.31% of the stock is currently owned by institutional investors and hedge funds.

About ArcBest

ArcBest Corporation provides freight transportation services and integrated logistics solutions worldwide. It operates through three segments: Asset-Based, ArcBest, and FleetNet. The Asset-Based segment transports general commodities, such as food, textiles, apparel, furniture, appliances, chemicals, nonbulk petroleum products, rubber, plastics, metal and metal products, wood, glass, automotive parts, machinery, and miscellaneous manufactured products through less-than-truckload services.

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